Six things we learned from Theresa May's big Brexit speech

Britain will remain in EU institutions beyond
Brexit.Time-limited transition period will last around two
years.Free movement of people from the EU will continue with
modifications.Payments to EU budgets will continue.May ruled out EEA membership.

LONDON - Prime Minister Theresa May delivered her
highly-anticipated keynote speech on Brexit negotiations in
Florence, Italy on Friday
afternoon.

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It was May's most detailed explanation yet of her government's
aims for Britain's future relationship with the EU.

In her speech, May confirmed that she wants a transitional deal
during which Britain will remain in the EU's key institutions,
ruled out replicating existing models for Britain's post-Brexit
relationship with the EU, and reassured EU citizens living in the
UK that her government wants to guarantee their right to remain.

So what did we learn and what does this all actually mean for
Brexit and Britain's negotiating position?

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Britain will effectively remain in the EU beyond Brexit day

The prime minister said that her government wants to negotiate a
transitional phase which will see Britain stay in the EU's core
institutions until the period reaches its end. Britain's current
relationship with the EU's markets ought to "continue on current
terms" during this transitional phase, May said. This, she
claimed, would give reassurance to British businesses and ensure
a "smooth and orderly" exit from the EU. May did not say how long
she would like this transitional phase to last, but it will
probably be 2-3 years and will take effect the day Britain drops
out of the EU at the end of March 2019.

That means we'll stay in the single market for a few more years

May's desire for this sort of transitional deal - sometimes
referred to as a "standstill" or "status quo" arrangement - would
mean Britain staying in the European single market until the
period expires. The prime minister is keen to avoid the "cliff
edge" Brexit dreaded by businesses and most politicians. "Clearly
people, businesses and public services should only have to plan
for one set of changes in the relationship between the UK and the
EU," she said.

Free movement will continue

Crucially, this also means free movement of people will almost
certainly continue until beyond Brexit day. May acknowledged that
the EU's four freedoms are "indivisible" and the free movement of
people is one of these freedoms that members of the single market
must adhere to. This means UK and EU citizens will be able to
travel to and from Britain with the same ease which they do now
until the transitional phase expires, which will likely be in
2021 or 20122. However, she suggested that those arriving from
the EU would have to register upon arrival.

source

Jeff J Mitchell / Getty

Britain will pay up

Britain will continue to pay into the EU for years after Brexit,
May indicated. Britain's commitments will continue for at least
two years May suggested, meaning that at least some of the hole
caused to EU budgets by Brexit will be filled. May hopes that
this "generous offer" will help restart negotiations which have
so far stalled over the level of Britain's "divorce bill."

European judges will still have sway over the UK

If Britain does continue with its current access to EU markets
beyond Brexit day then this means it'll be forced to continue
with the jurisdiction of the European Court of Justice (ECJ)
until transitional phase comes to an end. The ECJ, based in
Luxembourg, polices all matters to do with the single market and
its participants, and will continue to do so even after Britain
leaves the EU in March 2019, under Prime Minister May's
proposals.

There will be no "Norway model"

May, as expected, ruled out Britain replicating relationships the
EU has with other countries in its own post-Brexit relationship
with the bloc, including the so-called "Norway model" where
Britain would stay in the single market as a member of the
European Economic Area (EEA). Here's the key quote:

"One way of approaching this question is to put forward a stark
and unimaginative choice between two models: either something
based on European Economic Area membership; or a traditional Free
Trade Agreement, such as that the EU has recently negotiated with
Canada.

"I don't believe either of these options would be best for the UK
or best for the European Union."

The prime minister repeated her desire to negotiate a "new,"
"bespoke" relationship with the EU from scratch. This will be
much difficult to negotiate than choosing to replicate an
existing model, and will almost certainly take longer to
negotiate than the 12 months or so Britain has to left to reach a
deal with the EU.